Policy updates and user agreement changes to Personal PayPal accounts

We’ve emailed our U.S. personal account holders to let them know about some policy updates that will go into effect on March 29, 2019. Here’s some additional information on those changes: 

Effective March 29, we’re changing the way U.S. personal account holders can use and hold a balance with PayPal. We’re making these changes to comply with a new federal regulation that comes into effect on April 1. U.S. personal account holders who want to keep money in PayPal or use other features that rely on a balance will need to have a balance account linked to their personal account.

Do I need to do anything because of these policy changes?  

If you have a personal PayPal account and have confirmed your identity with us before the end of March, there is no action you need to take. A balance account (which will be referred to as PayPal Cash Plus) has been automatically linked to your PayPal account. Your balance account information will be accessible using your existing PayPal login, and we’ll automatically transfer any balance you have in your personal PayPal account to your new linked balance account. With your new balance account, you’ll be able to enjoy all of the same balance features you do today.

To check if you have a PayPal Cash Plus account, you can go to your Summary page. If you have a PayPal Cash Plus account, you should see a section named “PayPal balance” that shows your PayPal balance (even if it’s $0.00): 



If you don’t have a PayPal Cash Plus account after March 29 and don’t want to hold a balance at PayPal, there is no action required. You will still be able to receive money with a personal PayPal account and transfer it to a linked bank account or debit account, but you will not be able to hold and use a balance in your personal PayPal account. 

If you have not received PayPal Cash Plus account on or before March 29 and want to hold a balance at PayPal, you will need to set up a PayPal Cash or PayPal Cash Plus account

How do I get a PayPal Cash or Cash Plus account if I want one? 
 
After March 29, if someone sends you money and you don’t yet have a balance account, you’ll see an Accept the Money button. Once you click on it, you’ll see two options: Transfer it to your bank and Keep it in PayPal. Click Keep it in PayPal and follow the steps to get set up with PayPal Cash. This includes viewing the disclosures, user agreement and confirming your identity with us. 
 
If you want a PayPal Cash Plus account instead of a PayPal Cash account to take advantage of more features, you can get a PayPal Cash Plus account by applying for or enrolling in any of these features or products that are available with PayPal Cash Plus:
  • The PayPal Cash Card Debit Mastercard® (or the PayPal Business Debit Mastercard®)
  • Direct deposit to automatically add pay checks to balance
  • Goals to manage money being held
 PayPal Cash Plus also lets you do the following:
  • Get FDIC coverage for balance if you have a PayPal Cash Mastercard
  • Get cash with the PayPal Cash Mastercard or the PayPal app at ATMs
  • Add money to balance in stores with the PayPal app or by swiping the PayPal Cash Mastercard  
  • Get cash at Walmart with the PayPal app
  • Scan a check to add it to balance with the PayPal app